Being A Landlord

Posted by Alan Harding

September 11, 2008

by Alan Harding

Becoming a landlord carries with it a lot of responsibility and you should come to know and understand what is fully expected of you. If you fulfill your role as efficiently and effectively as possible, you will give yourself the best overall chance of keeping your tenants happy, thus reducing the likelihood that they would want to move or of the property setting vacant for a long period of time.

Being a landlord can be a richly rewarding experience for not only you, but also for your bank account too. But there are numerous issues to consider before diving in head first.

Why would anyone want to rent property? If someone is ending a marriage, renting is a quick way to find housing.

Tenancy can be a decent deal for certain transient populations, such as military personnel and college students. It gives two people a chance to live together and learn all about each other.

With all of the uncertainty in the stock market and retirement accounts, becoming a landlord can help ensure a fresh revenue stream.

A number of guidelines in safety and health need to be followed in order to lease your property. This will protect you legally, as well as provide safety to the renters who are living in the property.

Furniture and furnishings

Strict regulations may mandate the use of only fire-resistant furniture in residential rental properties. Furniture purchased prior to 1988 will probably not meet code regulations, and therefore must be replaced before the property is leased.

It is wise to check items such as mattresses, beds and headboards, sofa beds and futons, nursery and children’s furniture, patio furniture, cushions, and pillows, and anything else that needs to meet regulated standards.

Gas Safety

You, as a landlord, are required by law to service all equipment that is gas related at last once a year. The landlord must keep a log of regular checks and in what condition the equipment is. An annual gas safety certificate must be provided to you tenants. If you do not adhere to this, you are breaking the law.

A landlord must also see to it that his or her tenants are provided with instruction manuals for the safe use of all gas appliances as well as equipment.

Electrical safety

Another great responsibility for a landlord is the safety and workings of the electrical components of the house, such as wiring and outlets. The wiring should be safe, and in perfect operational order. Wiring more than 15 years old must be inspected annually.

As a landlord you are a jack-of-all-trades responsible for property upkeep and maintenance. If a tenant has a problem with something on the property, who gets the call? The landlord does!

It is necessary that a landlord be well organized, especially where it concerns your tenancy agreements. The contract is a legally binding agreement between you and the tenants. You will also need to know all about security deposits and regular deposits as well. Any legal knowledge you may have will benefit you along the way.

If you enjoy a challenge, have time to spend on the rental property and are well-organized, this is something you should consider! You can do it — be a landlord!

About the Author:

If you require letting agents then visit Alan Harding’s website for more information on London letting